A Solana (SOL) dealer who initially invested a mere $800 within the in style Solana-based meme coin, Moo Deng, has realized unreal positive aspects, with earnings hovering to roughly $10 million. Nonetheless, regardless of the large returns from unreal meme coin commerce, the Solana dealer is going through liquidity obstacles, leaving him stranded as Moo Deng’s worth quickly plummets.
Solana Dealer’s $800 Meme CoinBet Nets $10 Million
New studies from Arkham Intelligence have uncovered an nameless Solana dealer who hit the jackpot with a latest funding within the in style meme coin, Moo Deng. Primarily based on a viral child pygmy hippo in Thailand, Moo Deng signifies the epitome of a meme-based cryptocurrency with its play theme and community-driven hype.
In keeping with Solana blockchain explorer, Solscan, the Solana dealer had invested a modest sum of $861.8 in Moo Deng, coming into the market early when the meme coin was flying underneath the radar and priced considerably decrease than its present worth. Because the crypto market confirmed indicators of stability and the recognition of meme cash grew, Moo Deng adopted swimsuit, rising from a market capitalization of about $7 million two weeks in the past to $315 million sooner or later final month.
This huge surge within the meme coin’s market worth displays a 350% improve, throughout which the dealer watched his $861.8 funding soar to over $10.7 million. The Solana dealer had initially bought a complete of 30.19 million Moo Deng tokens simply hours after it launched, finally securing hundreds of thousands in revenue because the meme coin went viral on X (previously Twitter).
In simply over just a few weeks Moo Deng had quickly ascended to grow to be the twenty second meme coin by market capitalization, triggering a value improve to new all-time highs. Regardless of this substantial value improve, the Solana dealer has but to promote any of his Moo Deng tokens. As an alternative, he has unfold his sizable funding throughout 4 completely different Solana addresses.
Many within the crypto neighborhood have questioned the dealer’s resolution to carry off on cashing out, particularly as the worth and market capitalization of Moo Deng is plummeting drastically. His revenue which sat at over $10 million has now diminished considerably to $4.4 million based mostly on present alternate charges.
Finally, this dilemma boils all the way down to liquidity points, as the marketplace for Moo Deng is extremely illiquid. With restricted shopping for and promoting exercise within the Moo Deng market, traders like this Solana dealer could have a tough time promoting off massive quantities of tokens with out considerably impacting its market value.
Replace On Moo Deng’s Worth
Following its huge rally in September, the worth of Moo Deng took a damaging flip, experiencing important declines as market hype started to wane. On the time, the cryptocurrency had reached an all-time excessive of about $0.355, surpassing the present value of high meme cash like Dogecoin (DOGE), and Shiba Inu (SHIB).
As of writing, the Market Capitalization of Moo Deng has fallen by a whopping 70% and now sits at a mere $147.2 million. The viral meme coin can also be at the moment buying and selling at $0.148, in keeping with CoinMarketCap, marking a staggering 58.4% lower from its ATH value.
Featured picture created with Dall.E, chart from Tradingview.com
